Nevada Gold Mines, the new joint venture between Barrick Gold and Newmont Goldcorp Corporation, is a classic case of the whole being more valuable than the sum of its parts.
This is according to Barrick President and CEO, Mark Bristow.
Bristow says the logic for combining the two companies’ Nevada assets has always been compelling, and now we are able to realize the potential by building on decades-long efforts to realize these synergies.
Teams from both sides are at present very constructively engaged in integrating the joint venture assets, and this process should be completed at the end of the current quarter.
The name of the new joint venture company was revealed at Barrick’s quarterly results presentation and Bristow says its branding reflects the joint venture partners’ deep roots in Nevada, a state rich in gold deposits.
“Nevada Gold Mines will have three Tier One mines: Barrick’s Cortez; the combination of Barrick’s Goldstrike and Newmont Goldcorp’s Carlin; and Barrick’s Turquoise Ridge with Newmont Goldcorp’s Twin Creeks. In addition, our Goldrush-Fourmile project has the potential to become the fourth,” explains Bristow.
“It will be one of the world’s greatest gold mining operations and will create sustainable, long-term value for all its stakeholders, not least the State and people of Nevada.”
Bristow says that Greg Walker, currently head of operations for Barrick’s North American region, has been appointed as Executive Managing Director of Nevada Gold Mines.
He will head a team representing a balanced combination of Barrick and Newmont Goldcorp executives with dynamic energetic talent moving up into leadership positions.
Nevada Gold Mines, owned 61.5% by Barrick and 38.5% by Newmont Goldcorp, will be operated by Barrick.
The operations making up the joint venture produced in excess of 4 million ounces in 2018, more than double the next largest gold mining complex.